Maruti Suzuki shares in the fast lane! Stock jumps 4% to hit fresh all-time high. See analyst views

Shares of Maruti Suzuki India Ltd rose sharply during fag-end deals on Friday. The stock surged 4.28 per cent to hit a fresh record high of Rs 12,423.45. The counter has gained around 20 per cent in 2024 so far and 50 per cent in the past one year.

Analysts largely remained positive on the counter. Immediate support for Maruti's stock could be seen at Rs 12,000 level.

Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock has been in a strong uptrend. It has hit a fresh all time high today and has scope for a further rise in the coming days. Expected near term targets are between Rs 12,800 and Rs 13,700 levels. Major support would be at the Rs 11,200 zone."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Immediate support will be at Rs 12,000 and resistance at Rs 12,400. A decisive close above Rs 12,400 level may trigger a further upside till Rs 12,600. The expected trading range will be between Rs 11,500 and Rs 13,000 for a month."

Maruti said it has reported a 15 per cent year-on-year (YoY) increase in total wholesales at 1,97,471 units in February, 2024. The company had dispatched a total of 1,72,321 units in the same month last year.

Sales of mini segment cars, comprising Alto and S-Presso, declined to 14,782 units as against 21,875 units in February 2023.

Sales of compact cars, including Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR, also declined by 10 per cent to 71,627 units as compared to 79,898 units in the year-ago month.

Utility vehicles, including Brezza, Ertiga, Grand Vitara, and XL6, recorded sales of 61,234 units last month, growing 82 per cent over 33,550 units in the month a year ago, the company said.